Latest news with #Israelicompanies
Free Malaysia Today
12-08-2025
- Business
- Free Malaysia Today
Norway's sovereign fund expects to sell more Israeli stocks over Gaza, West Bank
Norway's wealth fund is one of the largest globally, owning about 1.5% of all publicly traded stocks. (Getty Images pic) ARENDAL : Norway's US$2 trillion sovereign wealth fund, the world's largest, said on Tuesday it expects to divest from more Israeli companies as part of its ongoing review of investments in the country over the situation in Gaza and the West Bank. The fund announced on Monday it was terminating contracts with external asset managers handling some of its Israeli investments and has divested parts of its portfolio in the country over the worsening humanitarian crisis in Gaza. The review began last week following media reports that the fund had built a stake of just over 2% in an Israeli jet engine group that provides services to Israel's armed forces, including the maintenance of fighter jets. The stake in the company, Bet Shemesh Engines Ltd (BSEL), has now been sold, the fund announced on Tuesday. Bet Shemesh did not respond to requests for comment. Norges Bank Investment Management (NBIM), an arm of Norway's central bank, which held stakes in 61 Israeli companies as of June 30, in recent days divested stakes in 11 firms, including BSEL. It did not name the other companies. 'We expect to divest from more companies,' NBIM CEO Nicolai Tangen told a press conference on Tuesday. The fund began investing in BSEL in November 2023, about one month after the war in Gaza began, via an external investment manager, Tangen said. The fund declined to name the external portfolio manager. Since then, NBIM has held quarterly meetings with Bet Shemesh Holdings, but the war in Gaza was not raised as a theme. 'We had discussions about their business in the United States, not about the war in Gaza,' Tangen said, adding that the fund had rated BSEL as a 'medium risk' stock with regards to ethics concerns. BSEL was later reviewed as a high-risk stock in May. 'That change should have been quicker,' Tangen said, adding that NBIM should have had a tighter overview of these investments earlier. 'We should have been quicker in taking back control of the Israeli investments,' he said. Six-month profit The fund, which invests the Norwegian state's revenues from oil and gas production, is one of the world's largest investors, owning on average 1.5% of all listed stocks worldwide. It also invests in bonds, real estate and renewable energy projects. On Tuesday, it posted a 698 billion Norwegian crowns (US$68.28 billion) profit for the first half of the year, earning an overall return of 5.7% in line with its benchmark index. 'The result is driven by good returns in the stock market, particularly in the financial sector,' Tangen said in a statement.
Al Arabiya
12-08-2025
- Business
- Al Arabiya
Norway sovereign wealth fund expects to sell more of its Israeli holdings
Norway's sovereign wealth fund expects to divest from more Israeli companies as part of its ongoing review of investments in the country over the situation in Gaza and the West Bank, deputy CEO Trond Grande told a press conference on Tuesday. Developing
Yahoo
11-08-2025
- Business
- Yahoo
Norway's sovereign wealth fund sells its shares in 11 Israeli companies
OSLO, Norway (AP) — Norway's sovereign wealth fund has sold its shares in 11 Israeli companies, its managers said Monday, a move they said reduces its holdings in the country against the backdrop of the 'serious humanitarian crisis' in Gaza. The management of the fund, which invests Norway's profits from oil and gas, said in a statement that it had investments in 61 Israeli companies at the end of this year's first half. It said it decided last week to sell all its investments in 11 firms that are not in the Norwegian Finance Ministry's equity benchmark index, and has spent recent days completing those sales. It did not identify the companies concerned. The fund also said it will move all investments in Israeli companies that have been run by external managers in-house and is terminating contracts with external managers in Israel. 'These measures were taken in response to extraordinary circumstances. The situation in Gaza is a serious humanitarian crisis," said Nicolai Tangen, the CEO of Norges Bank Investment Management, which manages what is widely known as the Oil Fund. 'We are invested in companies that operate in a country at war, and conditions in the West Bank and Gaza have recently worsened. In response, we will further strengthen our due diligence.' Tangen added in a statement that the latest move 'will simplify the management of our investments in this market' and reduce the number of companies that the fund's council on ethics monitors. The fund's management noted that it intensified its monitoring of investments in Israeli companies last fall and sold its holdings in 'several' firms as a result. Officially known as the Government Pension Fund Global, the Oil Fund owns nearly 1.5% of all shares in the world's listed companies, with holdings in about 9,000 firms, according to its management's website. The Associated Press
Associated Press
11-08-2025
- Business
- Associated Press
Norway's sovereign wealth fund sells its shares in 11 Israeli companies
OSLO, Norway (AP) — Norway's sovereign wealth fund has sold its shares in 11 Israeli companies, its managers said Monday, a move they said reduces its holdings in the country against the backdrop of the 'serious humanitarian crisis' in Gaza. The management of the fund, which invests Norway's profits from oil and gas, said in a statement that it had investments in 61 Israeli companies at the end of this year's first half. It said it decided last week to sell all its investments in 11 firms that are not in the Norwegian Finance Ministry's equity benchmark index, and has spent recent days completing those sales. It did not identify the companies concerned. The fund also said it will move all investments in Israeli companies that have been run by external managers in-house and is terminating contracts with external managers in Israel. 'These measures were taken in response to extraordinary circumstances. The situation in Gaza is a serious humanitarian crisis,' said Nicolai Tangen, the CEO of Norges Bank Investment Management, which manages what is widely known as the Oil Fund. 'We are invested in companies that operate in a country at war, and conditions in the West Bank and Gaza have recently worsened. In response, we will further strengthen our due diligence.' Tangen added in a statement that the latest move 'will simplify the management of our investments in this market' and reduce the number of companies that the fund's council on ethics monitors. The fund's management noted that it intensified its monitoring of investments in Israeli companies last fall and sold its holdings in 'several' firms as a result. Officially known as the Government Pension Fund Global, the Oil Fund owns nearly 1.5% of all shares in the world's listed companies, with holdings in about 9,000 firms, according to its management's website.
Washington Post
11-08-2025
- Business
- Washington Post
Norway's sovereign wealth fund sells its shares in 11 Israeli companies
OSLO, Norway — Norway's sovereign wealth fund has sold its shares in 11 Israeli companies, its managers said Monday, a move they said reduces its holdings in the country against the backdrop of the 'serious humanitarian crisis' in Gaza . The management of the fund, which invests Norway's profits from oil and gas, said in a statement that it had investments in 61 Israeli companies at the end of this year's first half. It said it decided last week to sell all its investments in 11 firms that are not in the Norwegian Finance Ministry's equity benchmark index, and has spent recent days completing those sales.
